Waste Heat Recovery Market – by End-user and by Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2024 | Technavio

The new waste heat recovery market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Waste Heat Recovery Market 2020-2024 (Graphic: Business Wire).

Technavio has announced its latest market research report titled Global Waste Heat Recovery Market 2020-2024 (Graphic: Business Wire).

Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the waste heat recovery market.

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"One of the primary growth drivers for this market is the Increasing Focus on Reducing Carbon Footprint,” says a senior analyst for Industrials at Technavio.

Manufacturing facilities, power stations, and oil refineries emit a huge amount of heat along with greenhouse gases. This leaves a huge carbon footprint and causes serious environmental impact. Waste heat recovery systems can utilize this generated heat for numerous applications such as generating electricity, which will save fuel and help reduce CO2 emissions. Several countries have also implemented stringent regulations to control industrial and greenhouse gas emissions. This increasing focus on reducing emissions and carbon footprint is expected to boost the demand for waste heat recovery systems, driving market growth during the forecast period.

As the markets recover Technavio expects the waste heat recovery market size to grow by USD 11.31 billion during the period 2020-2024.

Waste Heat Recovery Market Segment Highlights for 2020

  • The waste heat recovery market is expected to post a year-over-year growth rate of 1.67%.
  • The chemical industry includes the production of polymer, petrochemicals, agrochemicals, pharmaceuticals, fertilizers, and dyes, which generally involve high-temperature processes that release a large amount of waste heat.
  • The inorganic and organic chemical production processes are energy-intensive and consume huge thermal and electrical energy. Thus, there is an increased need for waste heat recovery systems that help save energy and cost.
  • The waste heat recovery market share growth by the chemical segment will be faster than the growth of the market by the petroleum refining and the food and beverages segments.

Regional Analysis

  • 32% of the growth will originate from the North America region.
  • Increased investments to replace traditional systems for technological improvement and the focus of various end-users on good economic return and improving fuel efficiency will significantly drive waste heat recovery market growth in this region over the forecast period.
  • The US is the critical market for waste heat recovery solutions in North America. Market growth in this region will be faster than the growth of the market in MEA and Europe.

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Notes:

  • The waste heat recovery market size is expected to accelerate at a CAGR of over 4% during the forecast period.
  • The waste heat recovery market is segmented by End-user (Chemical. Petroleum refining, Paper, Commercial and institutional, Food and beverages, Metal, and Other end-users) and Geography (North America, Europe, APAC, MEA, and South America).
  • The market is fragmented due to the presence of many established vendors holding significant market share.
  • The research report offers information on several market vendors, including ABB Ltd., Alfa Laval AB, Clean Energy Technologies Inc., GEA Group Aktiengesellschaft, General Electric Co., John Wood Group Plc, Mitsubishi Heavy Industries Ltd., Robert Bosch GmbH, Siemens AG, and Thermax Ltd.

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